Private Line Service Agreement between MCI Worldcom Communications, Inc. and Telocity, Inc.
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DHCR may grant a rent increase based upon the actual, verified and reasonable cost of the improvement and installation. To be eligible for a rent increase, the MCI must be a new installation and not a repair to old equipment. Some procedures qualify as MCI's as well, such as pointing a building.
The average rent increase per year is, give or take, somewhere between 3% and 5%. For a monthly rent payment of $1,500, for example, we're talking between $45 and $75 more per month. Let's say your current rent is $1,500 a month.
The city defines an MCI as an improvement benefiting all the tenants in the building. MCIs also need to involve replacements rather than repairs. For example, a new boiler or a new roof qualifies as an MCI but not a repaired or rebuilt one.
I. General Overview. Major Capital Improvement Increases (MCI's) are a concept that parties can contract for if they are not subject to rent regulation.In regulated housing, a landlord may only obtain an MCI upon application to the New York State Division of Housing and Community Renewal (DHCR).
In most states, a landlord must give tenants notice at least 30 days before they'll enforce a rent increase. However, in other states like California, the notice can increase to 60 days' notice if the increase is more than 10% of the current rent rate.
Most likely, yes it is legal. Landlords can charge whatever rent the market allows. State laws dictate how much notice a landlord must give before raising the rent on a month-to-month agreement. If you are on a lease, good news, your landlord cannot raise the rent on you.